Provident Investment Management Inc. Increases Position in Chevron Co. (NYSE:CVX)

Provident Investment Management Inc. increased its stake in Chevron Co. (NYSE:CVX) by 3.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 6,710 shares of the oil and gas company’s stock after buying an additional 195 shares during the quarter. Provident Investment Management Inc.’s holdings in Chevron were worth $1,050,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Gilbert & Cook Inc. increased its holdings in Chevron by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 10,312 shares of the oil and gas company’s stock worth $1,538,000 after acquiring an additional 369 shares during the last quarter. Aveo Capital Partners LLC raised its position in shares of Chevron by 1.0% in the fourth quarter. Aveo Capital Partners LLC now owns 8,617 shares of the oil and gas company’s stock valued at $1,285,000 after purchasing an additional 82 shares during the period. Gryphon Financial Partners LLC lifted its stake in shares of Chevron by 55.0% during the 4th quarter. Gryphon Financial Partners LLC now owns 11,404 shares of the oil and gas company’s stock valued at $1,648,000 after buying an additional 4,047 shares in the last quarter. Jump Financial LLC boosted its holdings in Chevron by 613.1% in the 4th quarter. Jump Financial LLC now owns 18,041 shares of the oil and gas company’s stock worth $2,691,000 after buying an additional 15,511 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Chevron by 73,888.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock worth $686,554,000 after buying an additional 4,596,584 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CVX. Truist Financial lowered their target price on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Wolfe Research started coverage on shares of Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Mizuho raised their price target on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Scotiabank cut their price objective on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Royal Bank of Canada decreased their price objective on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $183.82.

Chevron Price Performance

CVX stock opened at $140.30 on Tuesday. The firm has a 50-day moving average of $150.50 and a 200 day moving average of $155.16. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The company has a market cap of $256.60 billion, a P/E ratio of 12.91, a PEG ratio of 2.34 and a beta of 1.09. Chevron Co. has a 1 year low of $137.87 and a 1 year high of $171.70.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $3.08 EPS. On average, sell-side analysts forecast that Chevron Co. will post 11.86 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.65%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio is currently 59.98%.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.